SPDR Blackstone High Income Fund (HYBL)
BATS BATS Primary Summary
HYBL Chart
State Street's High Income ETF Pays Over 7% Yield and Hasn't Lost Money In 2025
Income-focused investors face a persistent challenge: finding yield without sacrificing capital stability.
HYBL Beats Competitors In 2024, But Shows Decay In Value.
SPDR® Blackstone High Income ETF (HYBL) focuses on high-yield debt, including corporate bonds, senior loans, and CLOs. HYBL is diversified across sectors and holdings, and has outperformed a junk bond benchmark and high-yield bond ETFs since its inception. However, HYBL track record is short and already shows a decay in value.
HYBL: Diversified High-Yield And Senior Loan ETF, Strong 8.2% Yield, Average Performance
HYBL is an actively managed ETF investing in high-yield bonds and senior loans. It offers investors a strong 8.2% yield and a reasonable performance track record. It is also more expensive than average, with a 0.70% expense ratio. It has failed to outperform relevant benchmarks since inception and has underperformed several of my top picks in these segments.
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SPDR Blackstone High Income Fund Profile
| BATS Exchange | US Country |
Overview
This entity is structured as an investment fund that primarily focuses on generating returns through investments in various forms of high yield debt securities. It has a strategic emphasis on U.S. dollar-denominated assets, reflecting a preference or mandate for investments that minimize currency risk for U.S. investors. The fund's investment strategy is geared towards high yield corporate bonds, senior loans, and debt tranches of U.S. collateralized loan obligations (CLOs), indicating a high-risk tolerance in seeking above-average returns by investing in securities that are rated below investment grade. By including such assets in its portfolio, the fund aims to provide its investors with exposure to the speculative-grade debt market, which, despite higher risks of default, offers the potential for higher income streams. Furthermore, the fund's willingness to invest up to 100% of its net assets in either high yield corporate bonds or senior loans shows a flexible approach to asset allocation, allowing it to fully capitalize on favorable market conditions in either asset class. The designation as non-diversified suggests that it may concentrate its investments more heavily in particular securities or market sectors, hence potentially increasing both risk and return prospects for investors.
Products and Services
- High Yield Corporate Bonds - These are bonds issued by corporations that are considered to be below investment grade. The fund invests in high yield corporate bonds seeking to take advantage of the potentially higher returns these bonds can offer compared to investment-grade bonds, albeit at a higher risk of default.
- Senior Loans - Senior loans are extended to businesses and carry a higher claim on the borrower's assets than other unsecured or subordinated debt. The fund's investment in senior loans is driven by the prospect of securing favorable income streams, while at the same time positioning within a higher hierarchy of creditors in the event of a default.
- Collateralized Loan Obligations (CLOs) - These are structured financial instruments that pool together cash-flow generating assets, primarily loans, and segregate them into tranches with varying degrees of risk and return. By investing in the debt tranches of U.S. CLOs, the fund aims to gain indirect exposure to senior loans, diversifying its investment and potentially mitigating risk through structured credit enhancements inherent in CLOs.
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